Manchester start up Versori wins $500k Y-Combinator funding
The $500k investment is part of the new standard deal offered by Y-Combinator to innovative and future thinking startups. The funding is made up of two separate SAFE investments. $125k on a post money SAFE in return for seven per cent of the company and $375k on an uncapped SAFE with a "Most Favoured Nation" provision.
The funding comes as Versori targets major commercial growth going into 2023 after an R&D intensive 2022.
Founded in January 2022, the start-up has been building enterprise-grade integration solutions for the last 10 months. Switchboard enables users to build and maintain any-to-any system integrations in a fraction of the time and without the need of expensive software developers. Tools found within Switchboard enable automated workflows, data mappings and transformations, alongside monitoring and security features.
Y-Combinator is well known for early stage investments in some of the world's largest and most successful tech companies. The likes of AirBnB, Stripe, Reddit and Coinbase have all benefited from the Y-Combinator programme.
The startup will use the funding to develop new platform features and grow its client base both in the UK and USA, with a Silicon Valley expansion on the cards.
Co-founder and CEO Sean Brown said:
"It's been fantastic to be selected from over 10,000 companies that have applied for YC. It's testament to the amazing work our team have produced over the last year. Building a true any-to-any integration platform has been a feat of engineering and we are super happy that Y-Combinator have picked up on that!"
Versori will be keeping the Engineering and Product team in the UK under the leadership of co-founder, Dan Jones, while Sean will focus on building the commercial team in the USA.